Investcorp and Sico to delist funds from Bahrain Bourse

Two of Bahrain’s most prominent asset managers intend to delist funds from Bahrain Bourse.

Alternative fund manager Investcorp announced at an extraordinary general meeting that it intends to convert the company into a closed shareholding company.

Executive chairman Mohammed Alardhi stated that going private is “the most appropriate ownership structure” for the firm which has roughly US$34.5 billion in assets under management.

Alardhi also stated that Bahrain and the Gulf Cooperation Council (GCC) region will continue to be key markets for Investcorp but added that the firm is “fully committed to pursuing our global growth over the long term”.

Meanwhile, another Bahrain-based asset manager, Securities and Investment Company (Sico), has delisted four of its funds from the Bahrain Bourse. The move was announced through a regulatory filing with the Bahrain bourse, although no reason was given for the move.

In a statement to unitholders, Sico said: ““We would like to assure you that the [delisting] would not impact the unitholder in terms of current reporting standards of compliance with the regulatory requirements applicable for the fund.”

The four funds involved in the delisting are Khaleej Equity Fund, Sico Kingdom Equity Fund, Sico Gulf Equity Fund and Sico Fixed Income Fund.

Earlier this year Sico spent $14.6 million to acquire a 72.7% stake in Saudi-based Muscat Capital. The firm also posted a 51% fall in profit for 2020.

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